Objectivism Entails That

question 26

Multiple Choice

Objectivism entails that

• A) a moral standard exists that holds for all persons, regardless of their beliefs or culture.
• B) moral standards can be different for different persons.
• C) moral standards can vary from one cultural group to another.
• D) what is right depends on what you believe.

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Definitions:

Labor

The exertion of physical or mental capacities by individuals in the creation of products and services.

Short-Run Total Cost

The total of all costs (fixed and variable) involved in the production of a good or service over a short period.

Production Function

A mathematical model that describes the relationship between input quantities and the resultant output of goods or services.

Labor

The utilization of human physical and mental capacities in the creation process of goods and services.